EANS-Adhoc: conwert Immobilien Invest SE Preliminary overall result for the
third quarter at EUR (4.3) million, but operating result significantly above
prior-year level
--------------------------------------------------------------------------------
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
--------------------------------------------------------------------------------
16.11.2011
Vienna, 16 November 2011. According to preliminary figures, the Austrian ATX-
traded conwert Immobilien Invest SE recorded a slightly negative result of
EUR (4.3) million in the third quarter of 2011 (previous year 31.4). However,
in comparison with the previous year, the operating result (EBIT) improved
significantly to EUR 19.4 million. As ECO Business Immobilien AG ("ECO") was
acquired below book value, a one-off profit of EUR 77.6 million was realised in
the comparable quarter of 2010. Otherwise the quarterly result would have been
negative.
The result was characterised by valuation adjustments for ECO amounting to EUR
12.7 million and by partial write-downs of RESAG Immobilienmakler GmbH of EUR
3.7 million, which were incurred in the course of the progressing
internalisation of sales activities in Austria. Through the internalisation of
sales, conwert provides full transparency in this segment as well and enables
the realisation of cost savings in the range of EUR 1.5 - 2.5 million per year.
In addition, valuation adjustments resulting from interest rate swap write-
downs amounting to EUR 4.2 million affected the quarterly result.
With a view to the reporting period of the first nine months of 2011, the
preliminary profit after income taxes amounts of EUR 6.1 million (previous year
45.4 - also characterised by the profit resulting from the takeover of ECO).
According to current projections, the profit after minority interests amounts
to EUR 3.6 million (previous year 30.5). conwert will publish the final results
for the first three quarters on 23 November 2011.
conwert Immobilien Invest SE adheres to the target results for the entire year
2011 without change.
********************************************************************************
This report contains forward-looking estimates and statements that were made on
the basis of the information available at this time. Forward-looking statements
reflect the point of view at the time they are made. We would like to point out
that the actual circumstances and, consequently, the actual results realised at
a later date may differ from the forecasts presented in this report for a
variety of reasons.
Further inquiry note:
conwert Immobilien Invest SE,
T +43 / 1 / 521 45-700,
E cw@conwert.at
end of announcement euro adhoc
--------------------------------------------------------------------------------
issuer: conwert Immobilien Invest SE
Albertgasse 35
A-1080 Wien
phone: 52145-0
FAX: 52145-111
mail: cw@conwert.at
WWW: http://www.conwert.at
sector: Real Estate
ISIN: AT0000697750
indexes: WBI, ATX
stockmarkets: official market: Wien
language: English